INDEPENDENT CONTRACTOR AGREEMENTIndependent Contractor Agreement |
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INDEPENDENT
CONTRACTOR AGREEMENT
THIS
INDEPENDENT CONTRACTOR AGREEMENT
(this "Agreement"), is made and entered into on this 31st day
of July,
2007 (the "Effective Date"), by and between ONE WORLD ENERGY
CORPORATION, a Nevada corporation, and RALPH SMITH & SON, INC., a
Pennsylvania corporation. As used in this Agreement, the term “OWEC”
shall mean One World Energy Corporation, or an Applicable One World Affiliate
(as defined below), as the context requires. As used in this
Agreement, the term “Independent Contractor” shall mean Ralph Smith & Son,
Inc., or an Applicable Smith Affiliate (as defined below), as the context
requires.
WHEREAS,
OWEC and
Independent Contractor have entered into a Contract Mining Agreement, dated
as
of July 31st,
2007 (the “Nowrytown No.1 Agreement”), pursuant to which OWEC agreed to retain
Independent Contractor as the operator of the surface coal mining operation
and
related surface facilities located in Indiana County, Pennsylvania known as
the
“Nowrytown No.1 Mine”, and Independent Contractor agreed to perform the Work (as
defined therein), subject to the terms and conditions set forth therein;
and
WHEREAS,
OWEC and
Independent Contractor intend to enter into one or more additional contract
mining agreements (each, an “Additional Agreement”), pursuant to which
OWEC, or an affiliate of OWEC (the “Applicable One World Affiliate”), will
retain Independent Contractor, or an affiliate of Independent Contractor (the
“Applicable Smith Affiliate”), as an operator of a surface coal mining operation
and related surface facilities (each, an “Additional Project”).
NOW,
THEREFORE, in
consideration of the strict and mutual performance and observance of the terms,
conditions, covenants, and agreements hereinafter set forth, and intending
to be
legally bound, OWEC and Independent Contractor agree as follows:
Section
1—Net Profit. Under any
Additional Agreement, Independent Contractor shall be entitled to forty percent
(40%) of the Net Profit (as defined in the Nowrytown No.1 Agreement), including
without limitation, expenses incurred under such Additional Agreement, debt
service expenses and royalties, attributable to the Additional Project, during
the term of such Additional Agreement.
